AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (9) TMI 1067
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....ebtor/respondent'). Copy of Board Resolution dated 24.09.2019 authorizing Mr. Anant Loya, has been annexed as Annexure II with the petition. The present petition has been filed in Form 5 as prescribed in Rule 6 (1) of the Rules. The petition is supported by affidavit of Mr. Anant Loya and the same is at page 123 of the petition. 2. The corporate debtor, namely, Govind Electrica Private Limited is a company incorporated on 02.05.2016 under the Companies Act, 2013, having CIN U51909HR2016PTC063904 and its registered office is at SSI Plot No.10, Market No.5, NIT Faridabad, Haryana- 121001. Therefore, the matter falls within the territorial jurisdiction of this Adjudicating Authority. Copy of master data of the corporate debtor is at Annexure IV of the petition. 2. The brief facts, as stated in the petition, are that the operational creditor is in the business of manufacturing of PVC insulated wires and cables of various types and the respondent/corporate debtor purchased the said goods from the petitioner/operational creditor at its offices (Faridabad and Gurgaon) during the courses of time and accordingly the invoices were raised by the petitioner. The petitioner maintained separat....
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.... Balance Payment 1. 07.06.2018 DS1-190004747 58,44,895 58,44,495 2. 30.07.2018 DS1-190008271 14,43,877 14,43,877 3. 29.12.018 DS1-190020933 20,25,588 20,25,588 4. 07.01.2019 DS1-190021593 65,566 63,433 Total Principal Outstanding 89,51,950 The interest calculated @ 24% per annum, as mentioned in the invoices, from the date of invoice till 31.07.2020 on the principal outstanding amounts to Rs.45,08,201/- Thus, total amount outstanding (Principal + Interest) as on 31.07.2020 for the goods supplied at the other address/office at Gurgaon is Rs.1,38,85,994/-. Therefore, the respondent/corporate debtor has defaulted in repayment of operational debt to the tune of Rs.2,72,61,664/-. 3. It has been averred on behalf of the petitioner/operational creditor that a legal notice dated 23.09.2019 (Annexure VIII) was sent to the respondent/corporate debtor at is Faridabad and Gurgaon office for the recovery of amount that was obtained after reconciliation and confirmation on 18.09.2019 alongwith interest accrued on it. In response to t....
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....s advertised in two daily newspapers i.e. 'Rashtriya Sahara' (Hindi) and 'The Hindu' (English) on 27.09.2021. Copies of newspaper original clippings have been annexed as Annexure 3. Thus, it has been deposed by the deponent that in compliance of order dated 14.07.2021 passed by this Bench, respondent/corporate debtor stood served through e-mail and newspaper publication. 6. When the matter was listed on 11.04.2022, there being no representation on behalf of the respondent/corporate debtor, in the interest of justice, the counsel for the petitioner was directed to inform the next date of hearing to the respondent through e-mail so that effective proceedings can take place on the next date of hearing. 7. In compliance of order dated 11.04.2022, the petitioner/operational creditor filed affidavit of service vide Diary No.01243/2 dated 19.05.2022, wherein it has been deposed by Mr. Anant Loya, Authorized Signatory of the petitioner/operational creditor that the next date of hearing was intimated to the respondent/corporate debtor through e-mail on 28.04.2022 (Annexure A). Despite intimation to the respondent/corporate debtor, none appeared on its behalf and thereafter, vide order dat....
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....pondent/corporate debtor sent e-mail dated 26.01.2020 (Annexure X) to the operational creditor requesting for some more time to clear the outstanding amount. This conduct of the respondent/corporate debtor shows that it is a case of admitted liability. Thus, the petitioner has proved the debt and the default which is above threshold limit. 13. In Part-III of Form No. 5, no Interim Resolution Professional has been proposed by the petitioner. Accordingly, we appoint Mr. Pramod Kumar Misra as the Interim Resolution Professional in the matter of Govind Electrica Private Limited, whose name appears at Serial No.39 of the list provided by the Insolvency and Bankruptcy Board of India, which is valid till 31.12.2022. 14. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP in th....
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....ment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall....